Pune, March 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global endoscopes market is expected to grow from USD 15.8 Billion in 2021 to USD 32.1 Billion by 2030, at a CAGR of 8.2% during the forecast period 2022-2030.
Increasing funding and investment by the private and government organizations along with the formation of new regulations and laws to develop better healthcare infrastructure and manufacture more technologically advanced equipment is driving the growth of the market.
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Technologically advanced endoscopy equipment ensures more accurate information on the health condition of the patients which is expected to uplift the growth of the market. The outbreak of Covid-19 affected the growth of the market as there were chances of cross-contamination in patients during endoscopy procedures. The hospitals also saw a large pool of Covid-19 affected patients being admitted in the hospitals, which restrained the market's growth. The growing prevalence of chronic diseases in the forecast period is likely to provide opportunities for the growth of the market. The geriatric population is increasing rapidly, along with people who have a weak immune system, are likely to suffer from targeted ailments is expected to accelerate the market growth during the forecast period. Several other factors such as tobacco smoking, increasing air pollution, and family hereditary lung cancers are also contributing to the increasing incidences of chronic diseases. This is helping in the growth of the global endoscopes market. There are several hospitals, clinics, and Ambulatory Surgical Centers (ASCs) which doesn't have properly trained physicians which is becoming a challenge for the growth of the market.
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Key players operating in the global endoscopes market are :
• Artherx Inc.
• Boston Scientific Corporation
• Conmed Corporation
• Cook Medical
• Olympus Corporation
• Fujifilm Holding Corporation
• Hoya Corporation
• Covidien PLC.
• Johnson & Johnson
• Medtronic PLC.
To enhance their market position in the global endoscopes market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In August 2021, market approval was given to the EXALT Model B Single-Use Bronchoscope by Boston Scientific. This bronchoscope has been developed to work as a substitute for reusable bronchoscopes. This clearance allowed the company to expand its flexible endoscopes portfolio across multiple care settings.
● In January 2021, Olympus Corporation announced the acquisition of Quest Photonic Devices to boost its surgical endoscopy market. This strategic move strengthened the position of Olympus as a global innovator and increased its customer base.
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The flexible endoscopes segment dominated the market with a market share of around 49.2% and a market value of about USD 7.7 billion in 2021.
The product type segment is divided into disposable, flexible, and rigid. The flexible endoscopes segment dominated the market with a market share of around 49.2% and a market value of about USD 7.7 billion in 2021.
The Gastrointestinal (GI) endoscopy segment is expected to grow at the fastest CAGR of 10.2% over the forecast period.
The application segment is divided into Gastrointestinal (GI) endoscopy, laryngoscopy, obstetrics/gynecology endoscopy, laparoscopy, otoscopy, arthroscopy, bronchoscopy, urology endoscopy (cystoscopy), mediastinoscopy, and other applications. Over the forecast period, the Gastrointestinal (GI) endoscopy segment is expected to grow at the fastest CAGR of 10.2%.
The hospitals’ segment dominated the market, accounting for around 53% of global revenue and a market value of about 8.3 billion in 2021.
The end-user segment is divided into ambulatory surgical centers (ASCs), clinics, and hospitals. The hospitals’ segment dominated the market, accounting for around 53% of global revenue and a market value of about 8.3 billion in 2021. Hospitals see many patients regularly for the diagnosis and treatment of chronic diseases. Hospitals offer cost-effective and high-quality services which give the best results and can be afforded by all. The availability of many instruments incorporating advanced technology and the availability of trained physicians is driving the segmental growth.
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Regional Segment Analysis of the Endoscopes Market
● North America (U.S. Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
● Asia-Pacific (China, Japan India, Rest of APAC)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global endoscopes market, with a market share of around 42.2% in 2021. During the forecast period, North America is expected to be the largest market. The endoscopes market in North America has been expanding rapidly. Endoscopes in North America is dominated by the United States. The growing awareness about endoscopy devices and rising incidences of disorders related to the gastrointestinal tract is driving the endoscopy market in the United States. Also, the technological advancements in endoscopy devices are ensuring that the patients receive a more accurate diagnosis of the diseases and better results of the treatment, which is propelling the growth of the market. As per the American Board of Surgery, endoscopy comes under one of the top five procedures performed in North America.
About the report:
The global endoscopes market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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